AUSTIN, Texas (AP) Two administrative law judges have rejected a challenge to a recent 20-percent rate hike for Texas homeowners covered by State Farm Lloyd's.
The Dallas Morning News reports the judges decided Monday that the premiums for 1.2 million homeowners are not excessive or unreasonable.
The decision now goes to Texas Insurance Commissioner Julia Rathgeber, who can accept the ruling or consider more arguments.
Public Insurance Counsel Deeia Beck sought to have the rates rolled back. Her office represents consumers.
The increase allows State Farm to collect an additional $317 million annually in premiums across Texas.
State Farm spokeswoman Patti Kelly says the company maintains the rate filing was justified.
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